Value of security credited upon claims
Sec. 4. Dividends paid to secured creditors shall be computed only
upon the balance due after the value of all security not exempt from
the claims of unsecured creditors and not released or surrendered to
the liquidator, is determined and credited upon the claim secured by
it.
(Formerly: Acts 1941, c.50, s.4.)
Last modified: May 27, 2006